Real Estate

Former home of McCains up for foreclosure auction

by Catherine Reagor - Jun. 28, 2011 05:49 PMThe Arizona Republic

The former home of Sen. John McCain and his wife, Cindy, on Phoenix's Central Avenue is facing foreclosure.

Before McCain's 2008 presidential run, the couple sold the home for $3.2 million and moved to a penthouse in a new condominium project near the Arizona Biltmore. Their former house, situated on almost 3 acres, was Cindy's childhood home. The couple raised their children in the house and sold it during the peak of the Phoenix's housing market in 2006.

The current owner, an investor named Jane Popple, is about to lose the house to foreclosure. The trustee-sale auction date on the central Phoenix estate is scheduled for Aug. 15.

Well-known central Phoenix real-estate agent Bobby Lieb, who left Realty Executives to join HomeSmart Elite brokerage, negotiated the deal for Popple. The house, which has been completely renovated, is now listed for $3 million through a short sale.

The McCain house didn't sell right away in 2006, sitting on the market as most high-end houses do for a while.

But the McCains had already signed the documents for their penthouse, near 24th Street and Camelback Road, and kept it on the market, alhough they dropped the asking price a bit.

When the McCains lived there, a writer from Architectural Digest called the home "unspectacular but supremely comfortable."

After Popple bought the home, she remodeled it, adding almost 4,000 square feet of space; so now, the house has 12,000 square feet.

The former McCain house now has 11 bedrooms, 13 bathrooms, a "chef's kitchen" with a huge butler's pantry and several outdoor bars.

The home is advertised as a great place to entertain 250 to 400 of "your closest friends."

Popple spent some money renovating the former McCain mansion. She owes $4.5 million on it now.

Lieb has the home listed again, but this time for a short sale.

Popple tried to sell the home at an auction, not a foreclosure auction, when McCain was running for president.

Lieb said he heard there was a bid for more than $6 million for the home then, but it was turned down.

The mansion has been rented for the past year.

Lieb said actor Steven Segal signed a lease to pay $15,000 for a month for the estate but had to cancel the deal because of his schedule.

Bank of America holds the note on the house and has scheduled the foreclosure sale. But Lieb said the lender told him they are very willing to look at offers for a short sale.

Lieb has long thought the home should be a governor's mansion like other states have for their top-elected state official. But it would be pretty tough to swing buying the home for Gov. Jan Brewer with the state's current budget issues.

In 2007, Popple believed the house would fetch $12 million. Now, she's hoping to avoid foreclosure.